Lesson learned: exit was 4:05 for me even if I was waiting to see if it can hold support on vwap, but I knew the momentum wasn't there, and once the shorts take hold, watch out.
Entry comments: Not best entry again as I was partial FOMO and didn’t wait till SLNO found support on vwap, then it touched vwap shortly after I entered. Second time I did this but because I got in a little after 11:30a Pacific Time, I thought I missed the best entry. But should never chase, of course. Gonna see how this plays out, as it has similar feel to ATOS and AKTX.
Exit comments: Yeah it broke vwap, and I wanted to get out at 4, but held on to see if it was just was gonna bounce, hit the trigger. Yeah not best trade and even if got in at 4.25 I would have less of a loss. Not best trade but at least cut my losses but still 13% loss not a good move. :( I had a chance to get out a little above where I entered with minor profit. But was waiting to see, but it wasn't a strong close and 15 minutes before bell, that was a sign to exit.
But really should have never entered where I did. That was FOMO.
I knew the massive wall of sellers above, but was spoiled by ATOS and AKTS the other day. lol I guess the only way for me to learn this lesson was to watch how fast the price can drop, which will keep me more scared next time to risk.
I knew long term chart was bad and couldn't hold spike, but was counting in the ATOS and AKTS effect this week.
On the positive, I did get out right at the break of the intraday support, so it wasn't horrific. So gonna move forward. On to the next and 2TheMoon
Wonder if I should blog this instead of writing comments below. Plan is not to do another of these non-ideal trades, especially if there is a major resistance on long term chart. Those ATOS AKTX moves might be done for now. New chapters ahead.
Reflecting back, I know this trade was a much bigger risk. I got to get back to the mentality of only taking best trades.